Exam 3 ReviewDr. Mike BradyMAR3023-01- Advertising and PR—top 3) televisiondirect mailnewspapero Types of Advertising Product- promotes the uses, features, and benefits of specific products Pioneer-focuses on product category—ex) got milk? Advocacy-conveys a firms position on a public issue—giving backto the community, social responsibility Competitive-points out a brands advantages relative to competing brands- Comparative-compares 2 or more brands on one or more characteristics- Reminder-reminds customers of an established brand’s characteristics and benefits- Reinforcement- assures current users they have made the right choice Continuous-runs steadily throughout the year—good for continuously used products Flighting-runs in spurts from heavy advertising to none—good forseasonal products like sunscreen in the summer Pulsing-a combination—runs steadily but with bursts at certain times—ex) Jansport backpacks and school supplies have bursts of advertisement during ‘back to school’ timeo Measuring Advertising Reach - the percentage of consumers in the target audience exposed to a particular advertisement in a stated period Frequency -the number of times these targets consumers are exposed to the advertisement Pretest -evaluation performed before a campaign begins—consumer jury test Posttest - evaluation of advertising effectiveness after the campaign- Recognition-respondents shown a portion of an ad—or sometimes a memorable image and asked if they recognize - Unaided recall-ex) please type the name of the sponsor for this ad- Aided recall-ex) please choose the sponsor of this ad from the following list Rating - Households tuned to show/ Total U.S. households with TV Sharing -Households tuned to show/U.S. Households using TVo Krugman (1972) about advertising effectiveness—asked if it was more effective to reach 100 customers once or 25 customers 4 times—reaching 3 times is the optimal number Exposure 1) “what is it” Exposure 2) “what of it?” (Why am I seeing this twice) Exposure 3) “what is its?” (what am I getting out of it)o Public Relations vs. Publicity Public Relations -communication efforts used to create and maintain favorable relations between an organization and its stakeholders—can save money on advertising—designed to be positive—extended over a time period and controlled by the firm Publicity —communication about the organization and/or its products transmitted through mass media at no charge—ex) news release, feature article, captioned photo, press conference—tends to be more powerful than PR, out of the control of the firm, isn’t always positive, and is more short term than PR- Personal Selling and Sales Managemento Steps in the personal selling process1. Prospecting —most effective way to get prospects is through referrals2. Pre-approach —identify key decision makers, review history and problems, identify needs3. Approach —important to create a favorable first approach—typical approaches: referral, cold canvasing, repeat contact (55% ofcommunication is non verbal)4. Making the presentation —must attract the prospects attention, stimulate interest, spark and desire for product—most influencing tactics matched to prospects: information exchange, recommendations, threats, promises5. Overcoming objectives —anticipate and counter them before the prospect raises them—handle objections as they raise6. Closing the sale —where the salesperson asks the prospect to buy the product—should be very natural7. Following up -o Pre-approach strategy in personal sellingo Push and Pull strategy A push strategy involved using trade promotions to persuade retailers or wholesalers to carry a brand, or to push it to consumers A pull strategy focuses on promotions on consumers to stimulate demand—often used of distributors are reluctant to carry a producto The CRC technique of overcoming objections Clarify Respond Confirm- Corporate Social Responsibilityo Dr. Peloza’s guest lecture (on Tegrity)o Four dimensions of social responsibility 1. Economic -at the most basic level, all companies have an economic responsibility to be profitable so they can provide return on investment to their owners and investors, create jobs for the community and contribute goods and services to the economy require finding a balance between society’s demand for social responsibility and investors desire for profits2. Legal -compete fairly by obeying laws and regulations 3. Ethical- marketing decisions that foster trust, which helps build long-term relationships 4. Philanthropic -not required by a company, but promote human welfare or goodwill o Social responsibility vs. Codes of conduct (Ethics) Social responsibility -organizations obligation to maximize its positive impact and minimize obligation its negative impact on society, deals with the total effect of all marketing decisions on society, includes the managerial processes needed to monitor, satisfyand even exceed stakeholder expectations and needs Codes of Conduct (Ethics) -consist of formalized rules and standards that describe what the company expects of its employees, promote ethical behavior by reducing opportunities for unethical behavior because employees know what is expected of them and what kind of punishment they face if they violate rules o Corporate culture : a set of values, beliefs, goals, norms and rituals that members of an organization share - Expressed formally through code of conduct, memos, manuals, dress codes - Expressed informally through works habits, extracurricular activities and anecdotes - Organizational pressure plays a key role in creating ethical issues - Most marketing employees take their cues from co-workers in learning how to solve problems o Cause-related marketing - companies link their products to a particular social cause on an ongoing or short-term basis (ex. Yoplait “Save Lids to Save Lives” campaign) o Green marketing - strategic process involving stakeholder assessment to create meaningful long-term relationships with customers while maintaining, supporting and enhancing the natural environment (ex. Ford creating hybrid cars) - Pricing o Form of Price –price is the value paid for a product in a marketing exchange—not always money (bartering)—includes tuition, premium, fine, fee, fare, toll,
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